Dozens of the world’s biggest asset managers have accused the trading house Glencore of lying in past share prospectuses to cover up corrupt activities, escalating a far-reaching action in London’s High Court that could have significant ramifications for the natural resources industry.

Nearly 200 funds — including some managed by Fidelity, Vanguard, Legal & General, HSBC, Abrdn and Invesco — are seeking damages from Glencore over allegations that the company and its senior leadership made misleading statements that covered up corrupt activities.

The claimants, whose current holdings in the mining company total more than ￡3.7bn, alleged they “suffered loss” as a result of “untrue statements” and omissions in Glencore’s 2011 prospectus for its listing on the London Stock Exchange and the later, 2013 prospectus for its merger with Xstrata.